President Tinubu needs to shun popularity and take the tough but unpopular decision of hiking taxes and using that money to fund productivity expansion to get Nigeria out of this current crisis

Ayo Akinfe

[1] First of all the Federal Inland Revenue Service (Firs) should set an income tax revenue target of $50bn by 2030

[2] Firs should also forward proposals to the National Assembly introducing a regime whereby no public official will receive more than four times the national minimum wage

[3] Our National Assembly should peg the salaries of the president, governors, senators, ministers, commissioners, members of the House of Representatives, state assembly members, etc to grades in the Nigerian civil service

[4] Firs should impose a 60% faith tax on all religious houses

[5] In addition, Firs should also impose an annual luxury tax on all private jets. This will represent 10% of the value of such aircraft

[6] State governments should open tax offices in every marketplace and motor park so retailers and those in the informal sector can pay their income tax at source

[7] State governors should also ask everyone of our 774 local government areas to have a Firs desk. That way, Firs will reach every nook and cranny of the country

[8] Every local government area should introduce an Owambe Tax on lavish parties. Nigerians spend too much on entertainment. Much more than the nation can afford. Pastor Iluyomade’s wife’s party for instance should attract a 60% tax rate

[9] In addition, Firs should introduce a Foreign Engagement Tax of 40% to be levied on all those parties and events held in places like Dubai, Mauritius and Qatar. Its proceeds are to be invested in the Nigerian hospitality industry

[10] Firs should also introduce a medical tourism and foreign education tax for all those getting health treatment and educating their children abroad. This will amount to 10% of their gross expenditure abroad